Is that even possible to save 1k per month starting from age of 14? Btw in order to get 1k EPF how much must be our basic salary?

stereotyping la...
not very true
even gov approved for EPF withdrawal another 10k, all sector of the economy will benefits, there is no such thing as only car workshop will be busy... every sector will be busy once money is flooded into the market

it is possible if you are earning a high paying job , remember not all job pays well
and if someone is earning 15k per month then i dont think he needs any withdrawal
the idea is gov/epf have done the analysis that ones need 240k to retire so let just say someone has achieve double of it or even triple of it then gove should allow the mto withdraw

240k you can withdraw 1k per month for 20 years before the fund is exhausted (source = EPF)
so what if you have 480k then is 2k per month which is very good

so Rakyat need to propose to revise the RM1.0 Million withdrawal policy and lower it t0 like 480k or 500k (looks better if keep it 500k)

anything above 500k allow withdrawal from EPF
500k EPF saving is a realistic target and Rakyat will try their best to meet 500k as compare to now 1.0M which i see the number also i have no motivation

any MP here following this forum, please help to propose this to our finance minister
**source**
The Employees Provident Fund (EPF) recommends a minimum retirement savings of RM240,000 by age 55. This would allow for a monthly withdrawal of RM1,000 for 20 years.

Now tell me realistically who can survive on 1k per month for the next 20 years? Unless you have side income that pays well after your retirement, but then you won't be looking at EPF anymore.
And just consider this, what if you live long like our 4th PM, you think your anak cucu gonna tanggung another 20 years of your life long after EPF money is gone.

u cant predict the future you only can plan
20 years is good enough
anything more just have to do adjustment here and there
if we die half way before reaching the honey pot then how...
so there is no perfect plan...

May i know how,s the dividend payout for account 3?

https://www.thestar.com.my/news/true-or-not...r-epf-account-3

as the news mentioned, no changes. but since account 3 allowed for withdrawal, thats means the divi rate will keep going down ??

May i know how,s the dividend payout for account 3?

https://www.thestar.com.my/news/true-or-not...r-epf-account-3

as the news mentioned, no changes. but since account 3 allowed for withdrawal, thats means the divi rate will keep going down ??

May i know how,s the dividend payout for account 3?

https://www.thestar.com.my/news/true-or-not...r-epf-account-3

as the news mentioned, no changes. but since account 3 allowed for withdrawal, thats means the divi rate will keep going down ??

logically yes... but Malaysia maybe illogical to "stay in power"

1. Having RM1 mil in EPF has huge benefits.
If you achieve it before 55, EPF allows you to withdraw any excess savings anytime.
This makes it a flexible fund that is 2-3 times better compared to traditional fixed deposits.

2. EPF’s historic returns are impressive.
It averaged 5.52% per year in the past 5 years.
With RM1 mil, you’ll receive RM55,000 in dividends, or RM4,583 per month.
This is more than enough to retire right now according to the Belanjawanku Study.

3. How difficult is it to achieve RM1 mil, really?
If you started working at 22, you’ll hit this milestone by 55 if you:
• Earn a salary of RM2,400, and
• Manually save RM400 every month

4. Your manual savings is not the only factor helping you achieve RM1 mil.
• Your mandatory EPF contributions: 11%.
• Employer’s mandatory EPF contributions: 13%.

Combined with your manual savings, you will accumulate RM386,496 in 33 years.

5. The remaining RM700k is interest earned.
Read that again.
It's in those final years that you really see your funds start to compound.

So start saving as soon as possible, no matter how small the amount.

6. “But I’m not so young anymore. How??”
The table below shows the monthly contributions you require to achieve RM1 mil by 55.

If you have higher savings than the average, and, your monthly contributions are within or exceed the range,

Congratulations! 🎉
You will most certainly hit RM1 mil by 55.

Ok then, but at best the planning have to also factor in inflation for 20 years. To me the prediction of surviving 20 years with Rm1k monthy is insane.

Now age 22, When at 55 yrs later (that is 33 yrs later.)

At age 55, (33 yrs later), you hv 1 million.
At inflation of just 4% annually, that 1 million will just be like having the purchasing power of 270k now at age 22.

https://www.calculator.net/inflation-calcul...culate#backward

if we are scare of the future we cant really do much other than keep saving and grinding!!!
in this life u dont make it just make sure you educate your next generation (if you have) to start saving at a young age and expose them to EPF (kasi buka account) as early as 14 years old by age 21 years old when they really start working they would have a head start. keep all their angpow money into this account, can masuk tak boleh keluar.. if they have extra money that they dont need it, ask them to give it to you then you help them masuk EPF lagi...
educate them that only 10% of the money you save so far is withdrawable so they are aware of how EPF works

Is that even possible to save 1k per month starting from age of 14? Btw in order to get 1k EPF how much must be our basic salary?

now at the age of 51, i am just waiting for 55 then i gonna slow down on my work
still gonna work till company fires me

Now age 22, When at 55 yrs later (that is 33 yrs later.)

At age 55, (33 yrs later), you hv 1 million.
At inflation of just 4% annually, that 1 million will just be like having the purchasing power of 270k now at age 22.

https://www.calculator.net/inflation-calcul...culate#backward

now at the age of 51, i am just waiting for 55 then i gonna slow down on my work
still gonna work till company fires me